2 Mezzanine – Historical PerspectiveStarted in early/mid 80’s with RIMCO and TCWEncap entered in the late 80’sMG Trade Finance and Enron in early 90’sThen the heyday in mid 90’s through early 2000’s~$1b per annum market sizePrimary Players:Aquila, Cambrian, Duke, Enron, Mirant, Shell, TCWFollowing Enron and Merchant Sector collapse, all but TCW ceased to exist